Both the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) closed Friday in positive territory ahead of the weekend.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
President Trump and Russian President Vladimir Putin are “tentatively” scheduled to meet at the end of next week, according to Fox News. The two leaders could discuss a deal that would allow Russia to keep its territorial gains in Ukraine. Russia could also agree to halt its offensive attacks in the Kherson and Zaporizhzhia regions of Ukraine.
Later, Trump confirmed at the White House that he would “meet shortly with Putin.” Trump’s 100% secondary tariff on Russia was set to take effect today, although the status of the tariff is unclear in light of the meeting.
In addition, President Trump is set to remove IRS Commissioner Billy Long from his position and temporarily replace him with Treasury Secretary Scott Bessent, according to The New York Times. Long was sworn in as Commissioner just a few months ago in June, becoming the agency’s sixth new Commissioner since August 2024. In the meantime, the process to find a permanent replacement will be in full force.
Trump’s new tariffs on dozens of countries went into effect on August 7. Among the countries, Switzerland received one of the highest rates at 39%. India was hit with a 50% tariff, up from its initial 25% rate, as punishment for buying Russian oil. However, India’s tariff won’t go into effect until August 27, hinting that a compromise could be reached before then.
“Tariffs are having a huge positive impact on the Stock Market,” Trump said in a Truth Social post on Friday. “Almost every day, new records are set. In addition, Hundreds of Billions of Dollars are pouring into our Country’s coffers.”
Meanwhile, gold futures touched a new all-time high of $3,534 in early morning trading following reports that the U.S. Customs and Border Protection (CBP) would not exempt imports of 1-kilogram and 100-ounce gold bars from tariffs. However, the White House crashed the party after announcing that the reports weren’t accurate, sending gold back down.
“The White House intends to issue an executive order in the near future clarifying misinformation about the tariffing of gold bars and other specialty products,” a White House official told CNBC.
The S&P 500 (SPX) closed with a 0.78% gain while the Nasdaq 100 (NDX) returned 0.95%.
